Workflow
Plymouth Industrial REIT(PLYM) - 2025 Q2 - Quarterly Results

Plymouth Industrial REIT Second Quarter 2025 Results Overview and Highlights The company executed its strategy through strong leasing, accretive acquisitions, and disciplined capital management - The company's strategy focuses on driving internal growth via strong leasing and stable occupancy while deploying capital into accretive acquisitions in core markets3 - Acquired over 2.85 million square feet of industrial assets and executed more than 5.9 million square feet of leasing year-to-date36 - Engaged in disciplined capital management, including repurchasing 1,031,223 shares of common stock during Q2 and Q3 to date36 - Affirmed the full-year 2025 guidance for Core FFO per share and updated the range for net income per share6 Financial Performance The company reported a net loss of $6.2 million due to a portfolio deconsolidation, though Same Store NOI grew robustly Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Common Stockholders | ($6.2M) | $1.2M | | Net Income (Loss) per Share | ($0.14) | $0.03 | | Consolidated Total Revenues | $47.2M | $48.7M | | Core FFO per Share | $0.46 | $0.48 | | AFFO per Share | $0.44 | $0.49 | | SS NOI Growth (GAAP) | 6.7% | N/A | | SS NOI Growth (Cash) | 4.1% | N/A | - The year-over-year decline in net income was primarily caused by the deconsolidation of the Chicago Portfolio into a joint venture, increased non-controlling interest, and losses from unconsolidated joint ventures4 - Same Store NOI growth was driven by rent escalations and positive leasing spreads, which were partially offset by increased operating expenses, mainly from higher real estate taxes7 Operational Performance The company demonstrated strong operational momentum with significant leasing, acquisition activity, and high portfolio occupancy Leasing Activity Strong leasing activity continued with a 10.0% cash rental rate increase on Q2 commenced leases and significant forward leasing for 2026 Q2 2025 Commenced Leases (Terms > 6 months) | Lease Type | Square Footage | % of Total | Expiring Rent | New Rent | Cash Rent Spread | | :--- | :--- | :--- | :--- | :--- | :--- | | Renewal | 1,159,623 | 79.8% | $5.00 | $5.45 | 9.0% | | New | 294,134 | 20.2% | $4.92 | $5.61 | 14.0% | | Total | 1,453,757 | 100% | $4.98 | $5.48 | 10.0% | YTD 2025 Executed Leases (as of Aug 4, 2025) | Lease Type | Square Footage | % of Total | Expiring Rent | New Rent | Cash Rent Spread | | :--- | :--- | :--- | :--- | :--- | :--- | | Renewal | 4,119,415 | 69.5% | $4.49 | $5.17 | 15.1% | | New | 1,803,689 | 30.5% | $4.25 | $4.67 | 9.9% | | Total | 5,923,104 | 100% | $4.42 | $5.02 | 13.6% | - As of June 30, 2025, same-store portfolio occupancy was 95.0%, and total portfolio occupancy was 94.6%20 Investment and Portfolio Activity The company expanded its portfolio by acquiring 22 industrial buildings for $204.7 million at a 6.7% initial NOI yield - Acquired 22 industrial buildings in Q2 2025 for a total of $204.7 million17 - The acquisitions have a weighted average expected initial NOI yield of 6.7% and are 97.1% leased17 - Key acquisitions include a 21-building portfolio across Columbus, Cincinnati, and Cleveland for $193.0 million and a single-tenant building in Atlanta for $11.7 million17 - As of June 30, 2025, the wholly owned portfolio comprised 148 industrial properties spanning 32.1 million rentable square feet across 11 states16 Capital Markets, Liquidity, and Distributions The company maintained solid liquidity, repurchased common shares, issued preferred units, and paid its regular quarterly dividend - As of August 4, 2025, the company had $11.7 million in cash and $278.1 million of capacity under its unsecured line of credit12 - Repurchased and settled a total of 1,031,223 shares of common stock at an average price of approximately $16.23 per share during Q2 and Q3 to date613 - Issued the remaining 79,090 Series C Preferred Units, receiving approximately $79.0 million in net proceeds14 - Paid a regular quarterly common stock dividend of $0.24 per share for the second quarter of 202515 2025 Full Year Guidance The company affirmed its Core FFO guidance and updated its net loss per share guidance for the full year 2025 Full Year 2025 Guidance Ranges | Metric | Low | High | | :--- | :--- | :--- | | Core FFO per Share | $1.85 | $1.89 | | Net Loss per Share | ($0.25) | ($0.23) | | Same Store Portfolio NOI Growth (Cash) | 6.0% | 6.5% | | Average Same Store Occupancy | 95.0% | 97.0% | | Acquisition Volume | $270.0M | $450.0M | - The guidance is based on the in-place portfolio as of August 4, 2025, and includes prospective acquisition volumes but excludes the impact of unannounced dispositions or capitalization activities28 Financial Statements The unaudited financial statements show total assets of $1.58 billion and a net loss of $4.5 million for the quarter Condensed Consolidated Balance Sheets Total assets grew to $1.58 billion, driven by real estate acquisitions, while total stockholders' equity decreased slightly Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Real estate properties, net | $1,393,447 | $1,156,697 | | Total assets | $1,583,742 | $1,368,418 | | Total liabilities | $962,161 | $781,299 | | Total stockholders' equity | $539,570 | $579,548 | Condensed Consolidated Statements of Operations The company reported total revenues of $47.2 million and a net loss of $4.5 million for the second quarter of 2025 Statement of Operations Summary - Q2 (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | $47,204 | $48,686 | | Total operating expenses | $38,433 | $38,796 | | Interest expense | ($7,454) | ($9,411) | | Loss in investment of unconsolidated JVs | ($7,222) | $0 | | Net income (loss) | ($4,536) | $1,328 | | Net income (loss) attributable to common stockholders | ($6,195) | $1,220 | Non-GAAP Financial Measures and Reconciliations This section defines key non-GAAP metrics and provides detailed reconciliations to their nearest GAAP equivalents - The company uses non-GAAP measures like NOI, EBITDAre, FFO, Core FFO, and AFFO as supplemental tools to help investors and management understand core property operations and compare performance with other REITs343536 Q2 2025 Reconciliation Summary (Net Loss to Core FFO, in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) | ($4,536) | | Depreciation and amortization | $19,827 | | Proportionate share of FFO from JVs | $8,556 | | FFO | $23,847 | | Series C Preferred Unit dividends | ($1,619) | | Gain on financing transaction & other | ($1,369) | | Core FFO | $20,859 | Q2 2025 Reconciliation Summary (Core FFO to AFFO, in thousands) | Line Item | Amount | | :--- | :--- | | Core FFO | $20,859 | | Non-cash adjustments (interest, stock comp, rent) | $1,208 | | Proportionate share of AFFO from JVs | ($782) | | Recurring capital expenditures | ($1,686) | | AFFO | $19,941 |